Distressed homeowners may not realize they can sell

Some owners of homes in the foreclosure process may not realize that their properties have risen so much in value that they could sell or refinance, according to a report from foreclosure data aggregator RealtyTrac.
Fewer properties in the foreclosure process -- those that had a notice of default or scheduled auction but were not bank-owned -- had negative equity in the first quarter -- 45 percent, down from 58 percent in first-quarter 2013 -- and more had positive equity: 35 percent, up from 24 percent a year ago.
"The relatively high percentage of foreclosures with equity is surprising to many because it would seem homeowners with equity could easily avoid foreclosure by leveraging that equity by refinancing or with an equity sale of the home," Blomquist said.
"But many distre...